Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
ASSETS    
Investment in real estate, net $ 326,310,621 $ 221,783,425
Lease intangibles, net 1,999,773 1,763,541
Cash and cash equivalents 2,438,021 2,532,522
Deferred financing costs related to borrowings under line of credit, net 239,135 132,495
Other assets, net 2,997,469 2,472,042
TOTAL ASSETS 333,985,019 228,684,025
LIABILITIES:    
Borrowings under lines of credit 16,550,000 100,000
Mortgage notes and bonds payable, net 190,797,012 141,578,935
Series A cumulative term preferred stock, par value $0.001 per share; $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of December 31, 2016; zero shares authorized, issued or outstanding as of December 31, 2015, net(1) [1] 27,655,273 0
Accounts payable and accrued expenses 2,801,194 3,495,339
Due to related parties, net [2] 750,796 565,593
Other liabilities, net 7,653,582 4,937,439
Total liabilities 246,207,857 150,677,306
Commitments and contingencies [3]
Stockholders' equity:    
Common stock, $0.001 par value; 18,000,000 shares authorized, 10,024,875 share issued and outstanding as of December 31, 2016; 20,000,000 shares authorized, 9,992,941 shares issued and outstanding as of December 31, 2015 10,025 9,993
Additional paid-in capital 90,081,837 86,892,095
Distributions in excess of accumulated earnings (13,401,529) (8,895,369)
Total stockholders’ equity 76,690,333 78,006,719
Non-controlling interests in Operating Partnership 11,086,829 0
Total equity 87,777,162 78,006,719
TOTAL LIABILITIES AND EQUITY $ 333,985,019 $ 228,684,025
[1] Refer to Note 5, “Mandatorily-Redeemable Preferred Stock,” for additional information.
[2] Refer to Note 6, “Related-Party Transactions,” for additional information.
[3] Refer to Note 8, “Commitments and Contingencies,” for additional information.